AstraZeneca's chairman Leif Johansson
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AstraZeneca chair Leif Johansson on Pfizer bid rejection

UK drugs firm AstraZeneca chairman has outlined why the company rejected an improved "final" takeover offer from drugs giant Pfizer.

The US company had earlier raised the price it was offering for AstraZeneca to the equivalent of £55 a share, valuing the firm at £69bn.

Speaking to the BBC's News Channel, Leif Johansson said the bid undervalued his company and would also create a long period of uncertainty for both staff and shareholders.

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